Types of Disability Insurance Products
- Income protection disability insurance.
- Replaces a portion of your income that is lost due to the inability to work because of a sickness or injury.
- Overhead Expense Disability Insurance. This product protects your other family - your business.
- Pays for some or all of your business overhead expenses while you are unable to work due to a sickness or injury. This includes but is not limited to rent, office utilities, employee salaries, salaries and employer paid benefits of employees who have no ownership interest in your business and who are not members of your profession are considered a covered overhead expense, and supplies.
- The premium for this coverage is usually tax-deductible*.
- Business Reducing Term Disability Insurance. This product provides protection for a fixed loan obligation.
- If you secure a business loan to expand your existing practice or to purchase one.
- Provides a direct payment to the institution, may protect the obligation for its entire term and is usually less expensive than Overhead Expense Insurance.
*This publication is offered for the purpose of education and information only and is not intended to constitute tax or legal advice. For information on your specific situation, please consult your personal legal or tax advisor.